DFS ANNOUNCES PAYMENT WITH PAYDAY DEBT COLLECTOR AND PAY DAY LOAN SERVICER LEADING TO ALMOST $12 MILLION OF LOAN FORGIVENESS FOR TENS AND THOUSANDS OF NEW CONSUMERS that are YORK

DFS ANNOUNCES PAYMENT WITH PAYDAY DEBT COLLECTOR AND PAY DAY LOAN SERVICER LEADING TO ALMOST $12 MILLION OF LOAN FORGIVENESS FOR TENS AND THOUSANDS OF NEW CONSUMERS that are YORK

Watch out for anybody who states they could keep your home so you can catch up on your mortgage payments or refinance your loan if you sign or transfer the deed to your house over to them. Never ever submit your mortgage repayments to anybody apart from your home loan business without its approval.

The Department is delivering property foreclosure prevention experts to aid property owners at web internet sites throughout the state, especially where you can find high levels of property owners in or prone to property foreclosure. The Department’s property property property foreclosure avoidance effort was released in February and contains checked out significantly more than a dozen websites within the state as an element of its outreach work.

pr release – 19, 2017: DFS Issues Final Regulation to Protect New Yorkers from Unjustified Life Insurance Premium Increases september

New Regulation Requires Life Insurers to alert DFS at the very least 120 Days Before a undesirable improvement in non-guaranteed aspects of a preexisting Life Insurance Policy

Beginning March 19, 2018, Life Insurers Must Now inform Consumers at the least 60 times ahead of a unfavorable improvement in non-guaranteed aspects of an In-Force Life Insurance or Annuity Policy

Financial solutions Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has used a regulation that is new life insurance policies company techniques pertaining to increases within the premiums or fees of specific life insurance policies and annuity policies. The last regulation provides DFS the capacity to review increases ahead of execution and make sure compliance with legislation, by needing life insurers to alert DFS at the very least 120 times just before a bad improvement in non-guaranteed components of a life insurance policy that is in-force. Annuity issuers must now register yearly with DFS to tell the Department of any negative changes to annuity policies built in the year that is prior. Ny Insurance Law forbids life insurers from changing non-guaranteed elements in a discriminatory means for people in the exact same course of policyholders. Just particular enumerated facets, that do not add revenue, can be viewed whenever wanting to alter elements that are non-guaranteed.

“This regulation is made to protect New Yorkers from unjust and inequitable price increases in in-force policies — especially the numerous elderly people who possess dutifully compensated premiums for a long time, and whom can minimum manage increased expenses to keep insurance plan,” said Superintendent Vullo. “With this new legislation, DFS can realize your desire to examine increases by life insurers and guarantee any increases conform to legislation, and customers will likely be supplied advance notice of any negative modifications for their premiums.”

Certain life insurers notably increased the price of insurance coverage on older life insurance coverage policies as a result of reduced profitability stemming from low interest and, in some instances, unfavorable mortality experience. DFS drafted the legislation in reaction to issues raised by customer teams that some insurers haven’t been implementing these increases according to DFS authorized policy provisions while the appropriate provisions for the brand brand New York Insurance Law.

The final regulation requires life insurers to notify consumers at least 60 days prior to an adverse change in non-guaranteed elements of an in-force life insurance or annuity policy in addition to notifying DFS.

The brand new guideline used by DFS today takes into account reviews that have been submitted by the insurance coverage industry through the two comment durations for the proposed legislation posted payday loans ND in November 2016.

A duplicate for the last legislation can be located right here.

pr release – 18, 2017: DFS Urges Financial Institutions to Take Immediate Steps to Protect Sensitive Consumer Data in Light of Equifax Cyberattack september

Guidance Instructs Financial Institutions to examine Ideas Technology, ID Theft and Fraud Prevention Tools

Data Sharing with Equifax as well as other Credit Reporting Agencies Should get higher level of Review and awareness of Determine Potential danger

Financial solutions Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has released guidance to urge ny State chartered and licensed finance institutions to just simply take action that is immediate consider precautions to safeguard customers in light associated with cybersecurity assault at Equifax that compromised the non-public information of an incredible number of Us americans. The data accessed by code hackers includes names, Social Security Numbers, delivery times, details, and, in certain full situations, motorists’ permit figures. The guidance granted today supports DFS’s first-in-the-nation cybersecurity legislation, which went into impact earlier in the day this season, and needs banking institutions, insurance providers, as well as other services that are financial managed by DFS to ascertain and keep maintaining a cybersecurity system built to protect customers and make certain the security and soundness of the latest York State’s economic solutions industry.

“The scope and scale for this cyberattack is unprecedented and DFS is willing to take all actions required to protect brand New York’s customers and monetary markets,” Superintendent Vullo stated. “Given the severity of the breach, the possibility injury to customers and our banking institutions, as well as in light to the fact that a wide range of finance institutions have actually arrangements with Equifax under which financial institutions offer customer account and financial obligation information to Equifax and receive comparable information from Equifax, DFS is issuing this guidance to make sure that this event gets the best amount of attention and vigilance at brand New York’s regulated institutions.”

Initial reports suggest that hackers might have exploited an application that is website to achieve unauthorized use of really sensitive customer and commercial information, which highlights the fact finance institutions can not any longer simply count on actually recognizable information (PII) as a method of confirming a person’s identity. PII has been purchased and offered as a consequence of activities similar to this incident that is latest, which increasingly necessitates consideration of Multi-Factor Authentication and Risk-Based Authentication strategies, as motivated beneath the DFS’s cybersecurity legislation.

DFS is asking all New York State chartered and licensed finance institutions to consider the annotated following:

  • Make sure that all given information technology and information protection spots have now been set up;
  • Ensure that appropriate ID theft and fraudulence avoidance programs have been in destination and observed for consumer due diligence/Know Your Customer (“KYC”) purposes and before a free account is opened, or credit cards is granted, or any loan or other as a type of funding is authorized, whether for brand new candidates or current consumers, and, if appropriate, consider utilizing an identification verification/fraud solution for identification verification;
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